Nevada § 361.260 - Method of assessing property for taxation; appraisals and reappraisals

§ 361.260. Method of assessing property for taxation; appraisals and reappraisals

1. Each year, the county assessor, except as otherwise required by a particular statute,

shall ascertain by diligent inquiry and examination all real and secured personal

property that is in the county on July 1 which is subject to taxation, and also the

names of all persons, corporations, associations, companies or firms owning the property. The county assessor shall then determine the taxable value of all such property,

and shall then list and assess it to the person, firm, corporation, association or

company owning it on July 1 of that fiscal year. The county assessor shall take the same action at any time between May 1 and the

following April 30, with respect to personal property which is to be placed on the

unsecured tax roll. 2. At any time before the lien date for the following fiscal year, the county assessor

may include additional personal property and mobile and manufactured homes on the

secured tax roll if the owner of the personal property or mobile or manufactured home

owns real property within the same taxing district which has an assessed value that

is equal to or greater than the taxes for 3 years on both the real property and the

personal property or mobile or manufactured home, plus penalties. Personal property and mobile and manufactured homes in the county on July 1, but

not on the secured tax roll for the current year, must be placed on the unsecured

tax roll for the current year. 3. An improvement on real property in existence on July 1 whose existence was not

ascertained in time to be placed on the secured roll for that tax year and which is

not governed by subsection 4 must be placed on the unsecured tax roll. 4. The value of any property apportioned among counties pursuant to NRS 361.320 , 361.321 and 361.323 must be added to the central assessment roll at the assessed value established by

the Nevada Tax Commission or as established pursuant to an appeal to the State Board

of Equalization. 5. In addition to the inquiry and examination required in subsection 1, for any property

not reappraised in the current assessment year, the county assessor shall determine

its assessed value for that year by: (a) Determining the replacement cost, subtracting all applicable depreciation and

obsolescence, applying the assessment ratio for improvements, if any, and applying

a factor for land to the assessed value for the preceding year; or (b) Applying to the assessed value for the preceding year a factor for improvements,

if any, as adopted by the Nevada Tax Commission in the manner required by NRS 361.261 , and a factor for land developed by the county assessor and approved by the Commission. The factor for land must be so chosen that the median ratio of the assessed value

of the land to the taxable value of the land in each area subject to the factor is

not less than 30 percent nor more than 35 percent. 6. The county assessor shall reappraise all real property at least once every 5 years. 7. The county assessor shall use the standards for appraising and reappraising land

adopted by the Nevada Tax Commission pursuant to NRS 360.250 . In using the standards, the county assessor shall consider comparable sales of land

before July 1 of the year before the lien date. 8. Each county assessor shall submit a written request to the board of county commissioners

and the governing body of each of the local governments located in the county which

maintain a unit of government that issues building permits for a copy of each building

permit that is issued. Upon receipt of such a request, the governing body shall direct the unit which issues

the permits to provide a copy of each permit to the county assessor within a reasonable

time after issuance.